Spears Abacus Advisors Lowers stake in CIT Group (CIT)

CIT Group (CIT) : Spears Abacus Advisors reduced its stake in CIT Group by 13.36% during the most recent quarter end. The investment management company now holds a total of 706,545 shares of CIT Group which is valued at $28,219,407 after selling 108,966 shares in CIT Group , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.CIT Group makes up approximately 3.47% of Spears Abacus Advisors’s portfolio.

Other Hedge Funds, Including , Pictet Asset Management Ltd boosted its stake in CIT in the latest quarter, The investment management firm added 2,000 additional shares and now holds a total of 71,300 shares of CIT Group which is valued at $2,847,722. CIT Group makes up approx 0.01% of Pictet Asset Management Ltd’s portfolio.Dimensional Fund Advisors Lp boosted its stake in CIT in the latest quarter, The investment management firm added 99,332 additional shares and now holds a total of 1,361,386 shares of CIT Group which is valued at $52,331,678. CIT Group makes up approx 0.03% of Dimensional Fund Advisors Lp’s portfolio.Blackrock Advisors boosted its stake in CIT in the latest quarter, The investment management firm added 4,431 additional shares and now holds a total of 220,069 shares of CIT Group which is valued at $8,021,515. CIT Group makes up approx 0.01% of Blackrock Advisors’s portfolio.Blackrock Institutional Trust Company N.a. boosted its stake in CIT in the latest quarter, The investment management firm added 529,211 additional shares and now holds a total of 4,929,271 shares of CIT Group which is valued at $179,671,928. CIT Group makes up approx 0.03% of Blackrock Institutional Trust Company N.a.’s portfolio.State Of Wisconsin Investment Board reduced its stake in CIT by selling 4,800 shares or 1.97% in the most recent quarter. The Hedge Fund company now holds 238,432 shares of CIT which is valued at $8,569,246. CIT Group makes up approx 0.03% of State Of Wisconsin Investment Board’s portfolio.

CIT Group closed down -0.31 points or -0.75% at $40.93 with 21,01,572 shares getting traded on Monday. Post opening the session at $40.88, the shares hit an intraday low of $40.65 and an intraday high of $41.1225 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, CIT Group reported $0.73 EPS for the quarter, missing the analyst consensus estimate by $ -0.04 based on the information available during the earnings call on Oct 25, 2016. Analyst had a consensus of $0.77. The company had revenue of $608.70 million for the quarter, compared to analysts expectations of $625.98 million. The company’s revenue was down -5.6 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.80 EPS.

Many Wall Street Analysts have commented on CIT Group. CIT Group was Upgraded by BofA/Merrill to ” Neutral” on Oct 11, 2016. Company shares were Downgraded by Stifel on Oct 7, 2016 to ” Hold”, Firm has raised the Price Target to $ 41 from a previous price target of $40 .

CIT Group Inc. is a bank holding company (BHC) which provides financing leasing and advisory services principally to middle market companies. The Company operates in two segments: Transportation and International Finance (TIF) provider of leasing and financing solutions to operators and suppliers in the global aviation and railcar industries and North American Commercial Finance (NACF). which consists of four divisions: Commercial Services Corporate Finance Equipment Finance and Real Estate Finance. Commercial Services provides factoring receivable management products and secured financing to businesses. Corporate Finance provides a range of financing options and offers advisory services to small and medium size companies. Equipment Finance provides leasing and equipment loan solutions to small businesses and middle market companies. Real Estate Finance provides senior secured commercial real estate loans to developers and other commercial real estate professionals.

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